BIG DATA MANAGEMENT- A FINANCIAL INSTITUTION APPROACH

Samson D Yusuf; Lucas W Lumbi; Ibrahim Umar; Abdulmumini Z Loko; Jonathan Odii

Samson D Yusuf Nasarawa State University, Keffi
Lucas W Lumbi Nasarawa State University, Keffi
Ibrahim Umar Nasarawa State University, Keffi
Abdulmumini Z Loko Nasarawa State University, Keffi
Jonathan Odii Ministry of Education, Saint Williams Primary School Lafia, Nasarawa State

Keywords: Big Data; analytics; management; financial institution

Abstract

This study investigates the role of Big Data Management (BDM) on the competitive financial sector, its importance and effective adoption for Nigerian banks. A survey was used to collect primary data from branches of one of the leading banks in Nigeria and 796 usable questionnaires from bank customers, employees and managers were used for analysis. A descriptive research method and correlational study was used to determine the link between Big Data elements such as use of customers’ data and predictive analysis of customer trends and patterns in form of differentiation, increased sales, customer engagement as well as cost leadership. The research focused on customer’s rate of reviews of Big Data as the independent variables with repeat engagement and interaction as the dependent variables. Descriptive statistics using SPSS program specifically mean and standard deviations was employed for the analysis. Results show that banks create differentiation by introducing a variety of products and product mix from the analysis of customer feedback, trends and pattern which has driven customer satisfaction due to easy access to information and banking, access to products online, pay for bills via mobile banking platform, and response on various social media platforms. However, even though most customers use ATM cards and are on the mobile banking platform, Bank management should focus more on staff training and use of Diagnostic and descriptive statistics in understanding why and how some customers behave especially those who express their concerns on social media.

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Author Biographies

Lucas W Lumbi, Nasarawa State University, Keffi

Lumbi, W.L is an associate professor in the Department of Physics, Faculty of natural and applied sciences

Ibrahim Umar, Nasarawa State University, Keffi

DR. Umar, I. is a Senior lecturer in the department of Physics, Faculty of Natural and Applied Sciences

Abdulmumini Z Loko, Nasarawa State University, Keffi

DR. Loko, A.Z. is a Lecturer II in Department of Physics, Faculty of Natural and Applied Sciences

Jonathan Odii, Ministry of Education, Saint Williams Primary School Lafia, Nasarawa State

MR. Odii, J. is a teacher at Saint Williams Primary School Lafia, Nasarawa State

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